Greece Industry

Greece: Industrial production deteriorates in October

December 10, 2013

In October, industrial production fell a working-day adjusted 5.2% over the same month last year, which marked a deterioration over the revised 1.8% fall observed in September (previously reported: -2.2% year-on-year). October's figure was mainly the result of a deterioration in mining and quarrying and in electricity. On a monthly basis, industrial production decreased 7.9%, which significantly contrasted the 8.2% rise recorded in September.

As a result of the annual reading, annual average variation in industrial production fell from minus 2.7% in September to minus 3.5% in October.

FocusEconomics Consensus Forecast panelists see industrial production declining 2.5% in 2013, which is down 0.1 percentage points from last month's forecast. In 2014, the panel sees industrial production contracting 0.4%, which is up 0.7 percentage points from last month's estimate.

Author:Dirina Mançellari, Senior Economist

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Greece Economic News

The number of unemployed fell by 103 in November from the previous month and by 119,363 compared with November 2016, according to recent data released by the Hellenic Statistical Authority (EL.STAT).
The unemployment rate was unchanged from October’s revised 20.9% (previously reported: 20.8%).

Industrial production expanded a working-day-adjusted 0.8% in November compared to the same month of the previous year, which was slightly above October’s revised 0.7% growth (previously reported: +0.5% year-on-year).

Industrial production expanded a working-day-adjusted 0.5% in October compared to the same month of last year, which was notably below September’s revised 3.2% growth (previously reported: +2.4% year-on-year).